Following Infosys and Cognizant, global Information Technology services company Hexaware Technologies Ltd is the latest to file an application to set up a Tech-fin centre at GIFT City in Gujarat that will employ over 500 persons.
The company that has 54 offices world-wide, recently applied for the International Financial Services Centres Authority (IFSCA) to set up a “branch” in GIFT IFSC.
The company is expected to take up 2500 square meters of office space in GIFT City and employ over 500 persons, official sources in IFSCA said. CA Magnum Holdings is the parent company of Hexaware.
Hexaware, which has over 31,000 employees across the globe, has proposed to offer IT consulting and support services, IT design and development services, among others from GIFT City. The company’s 94 percent of the revenue currently comes from America and Europe.
This year a number of companies have come forward to set up Techfin centres in GIFT City. In December 2024, Cognizant Technology Solutions India Pvt. Ltd was given a formal approval by the Unit Approval Committee of IFSCA to set up a TechFin centre that will employ a phenomenal 2000 persons in the GIFT IFSC, sources said.
The company has proposed to offer IT consulting and support services, IT design and development services and ITeS Business Process Outsourcing among others. The company had sought 4925 square meters of office space in GIFT City.
The framework of FinTech and or Techfin entities at GIFT City has been enabled through a circular dated April 27, 2022, with the intent of boosting the establishment of a globally leading FinTech Hub comparable with other International Financial Centres. In September 2024, IFSCA had given similar approval to Infosys Ltd for a techfin centre.
The proposed services for Infosys include licensing services for the right to use computer software and databases, business consulting and support services, IT consulting and support services, among others. The unit will employ 500 persons.
